Daily Pivots: (S1) 180.15; (P) 181.45; (R1) 182.44; More…
Intraday bias in GBP/JPY stays neutral first. Firm break of 180.85 will extend the corrective pattern from 183.99 with another falling leg. Intraday bias will be turned to the downside for 176.22 support. On the upside, decisive break of 183.99 will resume larger up trend.
In the bigger picture, as long as 172.11 resistance turned support holds, up trend from 123.94 (2020 low) is expected to continue through 183.99 at a later stage, towards 195.86 (2015 high). Nevertheless, firm break of 172.11 will argue that larger correction is already underway.
